Adjusted EBITDA for Q2 was $155.5 million with a margin of 19.4%, slightly down from 20.5% in Q2 2024 but at the high end of guidance.
Free cash flow was $73.3 million, ahead of expectations, with cash flow from operations at $162 million and CapEx at $88.7 million (11.1% of revenue).
Net debt reduced by $150 million in Q2, totaling $175 million year-to-date and $345 million over six quarters, with net leverage ratio improving to 2.81x from 2.98x.
Q2 2025 revenue was $800.4 million, slightly down 0.7% year-over-year but flat excluding divested assets, meeting expectations.
Segment performance: Sleep Health revenue up 0.9% to $334.7 million; Respiratory Health up 5.6% to $170.5 million; Diabetes Health down 4.1% to $145 million; Wellness at Home down 7.2% to $150.3 million due to asset sales.